This study examines cooperative collection development (CCD) for area studies and foreign language collections at Association of Research Libraries (ARL) libraries, based on a 2020 survey. Respondents provided details about cooperative collection initiatives (CCIs) at their libraries and their attitudes toward CCD. Most respondents had a favorable opinion of CCD, citing access to a broader collection of materials and cost savings as primary reasons. Challenges include the work and time involved in managing CCIs. This composite picture of how libraries build collaborative collections and the perceived benefits and challenges of CCD will inform librarians and administrators alike as they consider how best to build area studies and foreign language collections.